Emini Head and Shoulders Pattern

Monday 7 June 2010

Emini Head and Shoulders Pattern

Emini closed down almost 20 points today and broke the 1,050 level. I don’t think the down trend is over but we’ll probably get a bounce tomorrow morning. The selling into the Close was pretty intense and the Shorts have run out of bullets, temporarily.

High of the day was marked with a “Head and Shoulders” pattern. I run through the setup in the video as it shows:

Left shoulder, head and right shoulder are marked with cyclical turns

Exhaustion volume then less and less momentum with Bearish divergence signals

A slightly different take on the classic "Head and Shoulders" reversal pattern, prompted by this email question from Syed: "Barry, Sorry for the basic q but can you explain what you mean by its not over until we have exhaustion pattern on a left shoulder. Thanks in advance, awesome videos." Syed Let me know if you found ... more »

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